PHILADELPHIA, June 15 (UPI) -- The Philadelphia Federal Reserve said Thursday it foresees continued growth of the region's manufacturing sector.
Indexes for general activity, new orders and shipments all remained positive, and the employment indexes showed some improvement this month, said the bank, which just completed its Business Outlook Survey.
More than half of the firms surveyed continue to report cost pressures and the percentage of firms reporting higher prices for their manufactured goods increased slightly this month.
Indicators for the next six months suggest that firms are less positive about the prospect of growth than they were a month ago, yet nearly one-third of survey participants expect employment gains over the next six months.
